拿下三类医疗器械认证 雅萌业绩能否止跌

Core Viewpoint - YAMON faces significant challenges as it reports a net loss for the first half of the 2025 fiscal year, despite hopes for long-term profitability through strategic investments and regulatory approvals [1][3]. Financial Performance - For the first half of the 2025 fiscal year, YAMON's net sales amounted to 115.11 billion yen (approximately 514 million RMB), representing a year-on-year decline of 9.5% [3]. - The company reported a net loss of 11.96 billion yen (approximately 53.47 million RMB), a shift from profit to loss [3]. - Sales from home shopping and store sales dropped by 46.1% and 20.5%, respectively, with profits declining by 50.3% and 61.5% [3]. - Direct sales saw a 4.9% increase in revenue, but profits fell by 41.8% [3]. - Overseas sales reached 31.02 billion yen (approximately 1.38 million RMB), a 3.9% increase, but profits plummeted by 99.3% [3]. Market Challenges - YAMON's domestic business is undergoing significant structural changes and is in a transitional phase, facing uncertainties in the Japanese economy [4][5]. - Rising global resource prices, high raw material costs, and a depreciating yen have negatively impacted consumer confidence and company performance [5]. Industry Dynamics - The beauty device industry is experiencing structural changes, with stricter regulations leading to the elimination of smaller brands and a shift towards compliance and efficacy competition [5]. - The market is expected to provide growth opportunities for compliant and professional brands, despite short-term pressures on multiple brands [5]. Strategic Initiatives - YAMON is focusing on expanding its overseas market presence, with plans to achieve annual revenues of 500 billion yen (approximately 22.41 billion RMB) by April 2025 and 700 billion yen (approximately 31.37 billion RMB) by April 2028 [7]. - The company is increasing marketing efforts in the Chinese market, including participation in major sales events like "Double 11" [8]. Regulatory Developments - YAMON received approval for its RF skin treatment device as a Class III medical device, which is seen as a significant opportunity for the brand [9][10]. - This certification allows YAMON to regain market access and potentially enhance brand value and consumer trust, although actual sales recovery will depend on effective marketing and product safety assurances [10].